PAS 55 - Asset Management

The British Standard PAS 55– Asset Management, published by BSI, could be named the predecessor of ISO 55000. PAS 55 clearly indicates what is needed to manage your assets throughout the entire life cycle, starting from organizational objectives.

Development

The first version of PAS 55 was published in 2004, the latest version in 2008. The standard has been developed by the industry. The water, gas and electricity branch in particular made an active contribution to the development of this standard. Later, other branches picked up this standard as well. PAS 55’s success and the international attention for asset management that this standard caused are factors that lead to the development of ISO 55000.

Differences between ISO 55000 and PAS 55

ISO 55000 and PAS 55 are largely similar, although the words are different. There are some differences though. The most important differences are summarized below:

• ISO 55000 places more attention on stakeholders. Besides the organizational objectives, the expectations and requirements of stakeholders form the starting point for the asset management system;
• ISO 55000 makes a stronger and more explicit relation to financial management;
• Awareness and involvement on all levels are explicit parts of ISO 55000.

Status PAS 55

On February 1 2015, BSI has withdrawn PAS 55. However, PAS 55 will remain and is still for sale. You can therefore decide to keep using it. With the rise of ISO 55000, PAS 55 certification will be less favorable.